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Gold Continues to Consolidate

Olymp Trade

Gold has been consolidating for almost a week near the psychological mark of $1500 per ounce. Local support is at $1490 and resistance at $1510. On the hourly chart, consolidation takes the form of a downward price channel, which began after an upward impulse. From the point of view of technical analysis, the asset forms a flag, which is a figure of the trend continuation. If bulls manage to gain a foothold above $1510, then it is very likely that the movement will continue towards a breakthrough for the figure height, i.e. to the area of ​​$1530.

China has continued to increase its gold reserves over the past 10 months. The People's Bank of China resumed purchases in December 2018 after an almost two-year hiatus. Thus, over the past 10 months, China has purchased more than 100 tons of precious metal and currently the country's gold reserve is 1948 tons.

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Source: https://olymptrade.com/
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